Property markets across the country continue to track favourably, but an unexpected standout performer has left the rest of the country in the dust.
According to the latest Australian Bureau of Statistics (ABS) figures, overall dwelling commitments increased by one per cent to 52,305 seasonally adjusted in October.
But the real winner from across the states and territories was undoubtedly Tasmania, which saw a large uplift in housing commitments.
According to the figures, the number of housing commitments in Tasmania rose by more than seven per cent seasonally adjusted, while the overall value of housing commitments rose by 13.2 per cent.
Compared to regular frontrunner New South Wales, which saw 2.9 per cent growth in the number of commitments, Tasmania has done very well for itself.
Real Estate Institute of Australia (REIA) president Peter Bushby said the figures show overall confidence in property.
“[However] the Australian Capital Territory’s fall of 0.8 per cent was the country’s largest,” he said.
According to Mr Bushby, the figures show growth in the number of investment housing commitments in response to interest rate cuts and the more positive housing outlook for much of the country.
“In trend terms, the number of commitments for the construction of new dwellings climbed 0.7 per cent, and purchase of established dwellings went up 0.6 per cent,” Mr Bushby said.
“However, the purchase of new dwellings fell by 0.1 per cent.”
The value of investment housing commitments rose by 2.9 per cent in trend terms in October, resulting in well over two years of consecutive monthly increases.